American Express’ Estimates Raised at Morgan Stanley (AXP)

By Staff,

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Credit card issuer American Express Company ( AXP ) saw its earnings estimates boosted on Thursday by analysts at Morgan Stanley.

The firm said it raised its estimates for AXP through 2012, noting that the company's new product offerings and driving sales growth. Morgan Stanley also noted the company would likely institute further share buybacks in coming years.

The analyst maintained its "Overweight" rating and $52 price target on AXP, which represents a potential 18% upside to the stock's Wednesday closing price of $44.11.

American Express shares fell 31 cents, or -0.7%, in premarket trading Thursday.

The Bottom Line
Shares of AXP have a dividend yield of 1.63%, based on last night's closing stock price of $44.11. The stock has technical support in the $38-$40 price area. If the shares can firm up, we see overhead resistance around the $45-$48 price levels. We would remain on the sidelines for now.

American Express Company ( AXP ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: AXP

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